Here is a wikipedia article on it:
http://en.wikipedia.org/wiki/ChronemicsI am not going to pretend to be able to understand it, but this part seems to be the most lucid explaination:
"Just as monochronic and polychronic cultures have different time perspectives, understanding the time orientation of a culture is critical to becoming better able to successfully handle diplomatic situations. Americans, for instance have a future orientation. Hall indicates that for Americans “tomorrow is more important" and that they "are oriented almost entirely toward the future” (Cohen, 2004, p. 35). The future-focused orientation attributes to at least some of the concern that Americans have with “addressing immediate issues and moving on to new challenges” (Cohen, 2004, p. 35)."
So... maybe a "future time orientation" is a "What's done is done."/"Let's do better in the future." attitude? I am guessing that the connection between this and "racism" comes up when discussing reparations.